Which of the following statements regarding debt service funds is true?

Multiple Cholce

Glven the size and relevance of general long$-$term llabilities, debt service funds are always reported as major funds.

GASB standards require a separate debt service fund to be established for each issuance of tax$-$supported or speclal assessment debt.

A debt service fund is used only for debt service activities related to general long$-$term llabilities.

By law debt service funds are required to use encumbrance accounting.